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Used EV prices have dropped by one-third in a year as demand falls

Scott Olson—Getty Images

Demand for electric vehicles isn’t just slowing for manufacturers. The price of used EV vehicles has tumbled compared to a year ago as well.

A new study from iSeeCars, which tracks used car prices, finds that the average EV is now 33.7% cheaper than at this time in 2022. And no manufacturer is spared from the drops.

The average EV sold for $34,994 in October, compared to $52,821 in October 2022. That’s a $17,827 reduction.

Teslas saw the biggest drop in that time, in terms of pure dollar amounts. Discounts ranged from $21,775 for the Model X to $18,596 for the Model S and $14,716 for the Model 3. In terms of percentage price drops, though, the Nissan Leaf took the dubious honors, with a 30.6% year over year drop.

Vehicle manufacturers have recently described the EV market as a “pretty brutal space” due to price wars and high interest rates. Consumer, meanwhile, have slowed adoption. Mazda’s CEO earlier this month said inventory was “piling up”.

Despite this, overall sales of EVs for 2023 are expected to hit a new record.

Here’s a look at the EVs (and hybrids) that saw the biggest price drops in the used market over the past year.

Rank

Model

YoY Price Comparison

Average Price October 2023

Average Price October 2022

1

Nissan LEAF

-30.6%

$19,649

$28,304

2

Tesla Model 3

-30.5%

$33,455

$48,171

3

Chevrolet Bolt EV

-28.7%

$20,398

$28,625

4

Tesla Model X

-26.2%

$61,424

$83,199

5

Tesla Model S

-24.7%

$56,655

$75,251

6

Chrysler Pacifica Hybrid

-20.0%

$33,272

$41,571

7

BMW 5 Series (hybrid)

-18.7%

$30,757

$37,812

8

Land Rover Range Rover

-18.3%

$69,650

$85,298

9

Land Rover Discovery

-17.9%

$37,131

$45,242

10

Land Rover Range Rover Velar

-17.7%

$42,511

$51,631

Average for all used cars

-5.1%

$30,972

$32,627

Average for EVs

-33.7%

$34,994

$52,821

Average for Hybrids

-9.6%

$31,511

$34,850

This story was originally featured on Fortune.com

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